New York Sample Environmental Indemnity Agreement - Detailed

• Category: Contracts - Indemnification
• State: Multi-State
• Control #: US-0745-WG
• Format: Word; Rich Text

Description

This is a sample form in which the Indemnitor hereby unconditionally and irrevocably indemnifies and agrees to reimburse, defend, exonerate, pay and hold harmless Lender and its directors, officers, policyholders, shareholders, employees, successors, assigns, agents, contractors, subcontractors, experts, licensees, affiliates, lessees, mortgagees, trustees and invitees, from and against any and all Environmental Damages arising from the presence of Hazardous Materials in, upon, about or beneath the Secured Property or migrating to or from the Secured Property, or arising in any manner whatsoever out of the violation of any Environmental Requirements pertaining to the Secured Property and the activities thereon, or the breach of any warranty or covenant or the inaccuracy of any representation of Indemnitor contained in the Loan Documents pertaining to Hazardous Materials or other environmental matters.

A New York Sample Environmental Indemnity Agreement is a legally binding document that helps protect parties involved in real estate transactions from potential environmental liabilities. This agreement is particularly crucial when buying or selling properties with known or potential environmental risks. It provides a comprehensive framework to allocate responsibilities for any environmental issues that may arise. The main purpose of a New York Sample Environmental Indemnity Agreement is to transfer potential liabilities associated with pollution or contamination from the buyer to the seller or any other party involved in the transaction. By signing this agreement, the involved parties agree to indemnify, defend, and hold harmless one another against any future environmental claims, damages, or expenses. There might be different types or variations of a New York Sample Environmental Indemnity Agreement, depending on the specific needs and circumstances of the transaction. Some examples include: 1. Buyer-Seller Agreement: This type of agreement is commonly used in real estate transactions where the buyer wants to protect themselves from any potential environmental liability that might arise from the property they are purchasing. It ensures that the seller assumes responsibility for any environmental issues associated with the property before the closing. 2. Lender-Borrower Agreement: In situations where a lender extends financing for the purchase or development of a property, they may require the borrower to sign an environmental indemnity agreement. This agreement ensures that the borrower assumes liability for any environmental damages or claims that may occur during ownership. 3. Tenant-Landlord Agreement: When leasing a property, tenants may require landlords to provide an environmental indemnity agreement. This agreement protects tenants from potential environmental issues during their occupancy, holding the landlord responsible for any contamination or pollution that may occur. Keywords: New York environmental indemnity agreement, real estate transactions, potential environmental liabilities, pollution, contamination, buyer, seller, indemnify, defend, hold harmless, environmental claims, damages, expenses, buyer-seller agreement, lender-borrower agreement, tenant-landlord agreement.